San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1887-12-15
ARGOS HAYS COUNTY. TEXAS THURSDAY DECEMBER 49, 1887

pretense OF any exisung executive power 70
restore, at this time, any part Of our surplus
revenues TO the people by its expenditure
consists In the supposition that the score.
tary Of the treasury may enter the market
and purchase the bonds Of the government
not yet duo at q rate of premium to be
agreed upon. The only provision Of law
from which such q power could be derived
Is found In an appropriation bill passed
number Of years ago; and ID II subject to
the suspicion that 1t was intended as tenn
porary and limited In its application instead
If comforting continuing discretion and
authority. No condition ought TO exist
which would justify the grant Of power to
a single official, upon his Judgment Of It's
necessity, to withhold from or release to the
business OF the people, in an unusual man
ner, money held In the treasury and thus
affect at his will the financial situation OF
the country; and II 1t Is deemed wise to
lodge in the secretary Of the treasury the
authority In the present juncture to pur.
chase bonds, it should be plainly vested and
provided as far as possible with such checks
and limitations as will define this officials
right and discretion and at the same time
relieve him from undue responsibility.
In considering the question Of purchasing
bonds as Q means Of restoring circulation the
surplus money ACCOMPLISHING in the treasury,
it should be borne in mind that premiums
must Of course be paid upon such purchase,
that there may be large part OF These bonds
held as investment which cannot be pur-
chased at any price, and that combinations
among holders who are willing to sell, may
unreasonably enchance the cost OF such
bonds to the government.
1t has been suggested that the present
bonded debt might be refunded at a less rate
of interest, and the difference between the
old and new security paid in cash, thus find
ing use for the surplus in the treasury. Tho
success Of this plan, 10 Is apparent, must de-
pend upon the volition Of the holders OF the
present bonds; and it is not entirely certain
that the inducement which must be offered
them would result in more financial benefit
. the government than the purchase OF the
onds, while the Latter proposition would re-
duce the principle Of tbs debt by actual pay
ment instead of extending 1t.
E. The proposition to deposit the money held
by the government In banks throughout the
country for use by the people, is, it seems to
eACocuiuSiy ObJcCuiohaDho Al PkihOtpio,
as establishing too close relationship be-
tween the operations Of tho government
treasury and the business of the country,
and too extensive a commingling Of their
money, tsls fostering an unnatural reliance
in private business upon public funds. II
this scheme should be adopted it should
only be done as temporary expedient to
meet an urgent necessity. Legislative and
executive effort should generally DO in the
opposite direction, and should have a ten.
dency to divorce as much and Us fast as can
safely be done. the treasury department
from private enterprise. or course 1t is
not expected that unnecessary and extrava.
CANT appropriations will be made for the
purpose of avoiding the accumulation OF
any excess OF revenue. Such expenditure,
besides the Generalization of all just con-
ceptions Of public duty which 1t entails,
stimulates habit of reckless improvidence
not in the least consistent with the mission
of our people on the high and benefcent
purposes Of our government. shall deem
it my duty to thus bring to the knowledge
of my oountrymsn, as well as to the atten-
tion of their representatives charged with
the responsibility Of legislative relief, the
gravity Of our financial situation. The
failure Of the congress heretofore to pro-
vide against the dangers which it was quite
evident the very nature Of the difficulty
must necessarily produce caused condi-
lion Of financial distress and apprehension
since your last adjournment, which taxed
to the utmost all the authority and expe-
dent within executive control; and these
appear now to be exhausted. II disastar ro
suits from the continued inaction of con-
gross, the responsibility must rest where IL
belongs.
Though the situation thus far considered
is fraught with danger, which should be
fully realized, and though it presents fea.
lures of wrong to the people, as well as
peril to the country, it is but result grow.
ing out of a perfectly palpable and appar-
ent cause, constantly reproducing the same
alarming circimstances--a congested Ma
tional treasury and depleted monetary
condition in the business Of the country. IL
need hardly be stated that while the presen;
situation demands a remedy, we can only
be saved from q like predicament In the
future, by the mreoval Of its cause. Our
scheme Of taxation by means Of which this
needless surplus is taken from the publ,
treasury, consists Of a tariff or duty levied
upon importions from abroad and interna
taxes lived on the consumption Of tobacco
and splr.tu0uS ana malt liquors.
It must be conceded that none Of tht
things subjected to internal revenue taxa
ton are, strictly speaking, necessaries
there appears TO be no just complaint oi
this taxation by the consumers Of these
articles, and there seems 10 be nothing SO
well able to bear the burden without hard
ship to any portion ct the people But our
present tariff laws, the vicious, inequitable
and illogical sour5o of unnecessary taxa.
tion, ought TO be at once revised and
amended The,e laws as their primary and
plain effect, raise the price to consumers Of
all articles imported and subject 10 duty,
by precisely the sum paid for such duties
Thus the amount OF the duty measures the
tax paid by those who purchase for uss
these imported articles Many Of these
things, however, are raised or manufactured
in our own country. and the duties now
levied upon foreign goods and products are
called protection to these homo nanufac-
turers, because they render IL possible for
those Of our people who are manufacturers
TO make thsss taxed articles and sell them
for q price equal 10 that demanded for the
imported goods that have paid customs
duty.
80 Il happens that while comparatively
few use the imported articles millions Of
Of our people who use and never saw any Of
the foreign products, purchase and uss
things Of the same kind made In this coun-
try, and pay tbsrsfor nearly OF quite the
same price which the duty siis % toe i'm
ported articles Tho.s Who b1y irnports
pay the duty charged thsrson into the plb-
lie treasury. but the great majority of 0nr
citizsns who buy domestic articles % TIE
.ams clasS pay q sun 81 least apprnri- |
mafly equal % this duty % tbs hone msnu- I
facturer. Thh rsfsrsoos 10 tbs Operation /